Termii Expansion Growth Leads the Company Into Raising $3.65 Million

Termii, a communications platform-as-a-service (CPaaS) business based here in Nigeria, has successfully raised a total of $3.65 million to extend what the company is offering.

After the company first raised $1.4 million in venture funding in January 2021, the company's total funding reached $5.05 million with the most recent funding in 2023.

Gbolade Emmanuel, the Chief Executive Officer of Termii, stated that the funds are not required for operational activities but rather to power the company's expansion initiatives. These initiatives include developing and promoting existing and new products in new markets with a priority to Francophone African countries beginning with the Ivory Coast rather than North Africa as was initially planned. 

Other investors that supported the recent funding are companies, such as Fintech Collective, Launch Africa Ventures, Nama Ventures, Aidi Ventures, Ralicap Ventures, Now Venture Partners, Vastly Valuable Ventures, NOA Capital, Assembly Investors, Probability Ventures, Adamantium Fund, MyAsia VC, Uncovered Fund, and Afropreneur Angel Group. These companies took part in the most recent funding round for the startup company. 

Angel investors who wrote their way into Termii's cap table include people like Aubrey Hruby of Tofino Capital and Eamon Jubbawy of Onifido. 

Termii Go, the company's latest product, which he described as a "game-changing unified communications app," has won many investors, according to Gbolade, although not all startups in this market are seeking funds. Termii Go is an advancement above Termii's typical stealth infrastructure operations. The software combines Termii's vast network of clients from around Africa into the platform, allowing for quick, real-time interactions between businesses and users.  

His exact words,

“So far, we have been successful in serving customers with pure messaging solutions; however, we realized that the demand for customers grew beyond messaging. Most of our financial services customers required one-time verification systems to validate user transactions and identity; hence we introduced this across SMS, calls, emails, and WhatsApp, giving them multiple options and better delivery rates,” Gbolade said. 

When Did Termii Start Operation?

Termii started operation in 2017 as a messaging service that allows businesses to engage with their users across different platforms. Since then, its product line has become a platform that drives communication between businesses and consumers. If you've ever waited for an OTP text message while attempting to pay through a financial gateway like Paystack's, you've probably had an encounter with Termii in some way.  

Termii's infrastructure enables customers to engage with over 9,000 fintech companies, including Moniepoint, Chipper Cash, and Piggyvest, through rapid and secure chat. Gbolade feels his startup's role in the day-to-day activities of African fintech is a key benefit that investors, such as Fintech Collective, the global fintech-focused VC company that participated in the round, are interested in.